Nicole Farhi, founded by the designer in 1982 with her then-partner, French Connection boss Stephen Marks, was said to be facing "increased financial pressures".

Zolfo Cooper said it was already in talks to sell the brand, which has a flagship store in Mayfair, central London, as well as five other standalone outlets and 10 concessions in the UK and Ireland, at Harvey Nichols, House of Fraser and Selfridges.

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It employs 75 staff across its retail network as well as 44 working at its London headquarters. It also sells wholesale products to other retailers.

Customers with gift vouchers can continue to exchange them for goods in any of Nicole Farhi's stores or concessions.

People wanting to make returns were advised to visit their local store where they would be able to exchange their goods but that cash refunds would not be provided.

Nicole Farhi's owners have reportedly been trying to sell the business in recent weeks. It was acquired by private equity group Kelso Place Asset Management in January last year.